Ethereum price has managed to hold onto gains above the $3,120 resistance zone, displaying resilience in the face of market volatility. With the potential to rally if it surpasses the $3,280 resistance zone, Ethereum is positioned for further upward movement.
Technical Indicators
The hourly MACD for ETH/USD is showing a bullish trend and gaining momentum, signaling positive price action. Additionally, the hourly RSI is above the 50 level, indicating strength in the current uptrend.
Immediate support for Ethereum is near the $3,200 level, followed by the $3,180 zone and the key bullish trend line at $3,170. The main support level is situated at $3,120, a critical point for maintaining the current bullish momentum.
Potential Upside Scenario
If Ethereum successfully clears the $3,280 resistance, it could pave the way for a push towards higher resistance levels. The next major resistance is at $3,350, with further targets at $3,500, $3,550, and potentially even $3,750. Any sustained gains could see Ethereum testing the $3,880 resistance zone in the near future.
However, failure to break above the $3,280 resistance could trigger a downside correction in Ethereum’s price. In such a scenario, initial support lies at $3,200, with further support at $3,180 and the key $3,120 level. A clear breach below $3,120 could lead to increased selling pressure and a potential drop towards $3,030 and $2,850 levels.
Ethereum’s price momentum remains positive, supported by technical indicators and key support levels. While there is potential for further upside if resistance levels are breached, caution is advised as failure to do so could lead to a downside correction. It is essential for investors to conduct thorough research and assess risks before making investment decisions in the volatile cryptocurrency market.
